EU pursues ambitious climate finance and investment goals at COP29

At COP29, which takes place from November 11-22 in Azerbaijan, the European Union will work with international partners to advance the goals of the Paris Agreement. The priority will be to agree on a New Collective Quantified Goal (NCQG) on Climate Finance, aimed at mobilizing public and private resources on a global scale. The EU is already leading in this area, providing €28.6 billion in public climate finance in 2023.

Other key issues include reinforcing global commitments to move away from fossil fuels, tripling investments in renewable energy, and doubling energy efficiency by 2030. The EU is also pushing for the conclusion of negotiations on international carbon markets under Article 6 of the Paris Agreement, establishing common standards of high integrity and transparency.

The EU is also seeking to set ambitious expectations for the Nationally Determined Contributions (NDCs) to be submitted in 2024. As part of its commitments, the EU is working on an intermediate target of 90% emissions reduction by 2040.

This comprehensive approach reaffirms the EU's climate leadership. The EU has reduced its emissions by 37% since 1990 while growing its economy. With the European Green Pact and the Climate Act, the EU is aiming for climate neutrality by 2050, contributing to a just and sustainable transition at the global level.